I. Would you brief us on the background of theManagement Measures?

A: Since the implementation of the ChiNext Board reform and the pilot project of the registration-based IPO system, the Listing Committee and the M&A Committee of the ChiNext Board have been under stable and orderly operation and they have played their due roles in advancing the ChiNext Board and putting through the pilot project of the registration-based IPO system. Considering that the Listing Committee and the M&A Committee perform listing review and M&A review functions respectively, their roles in guarding the access to the ChiNext Board are becoming increasingly important and have become a crucial part of the regulatory force for stock issuance and listing, we think it necessary to raise higher requirements on their political competency, professional background and the proportions of full-time and part-time staff. Therefore, drawing on our practical experiences in the reform and the pilot project, in consideration of realistic needs, we have drafted the exposure draft of theManagement Measuresand adjusted and optimized the supporting policies and operating mechanisms of the Listing Committee and the M&A Committee accordingly.

II. Please briefly introduced the adjustments and improvements in the policies and regulations of theListing Committee and the M&A Committee that you have made in the exposure draft of theManagement Measures.

A: In terms of the name of the committees, we have changed the names of the Listing Committee and the M&A Committee in the exposure draft of theManagement Measuresto Listing Review Committee of Shenzhen Stock Exchange and M&A Review Committee of Shenzhen Stock Exchange to highlight the committees’ review function. In terms of policies and regulations, we have further refined the selection, use and management mechanisms of the Listing Committee and the M&A Committee by setting forth more comprehensive and detailed provisions on member composition, appointment and responsibilities, arrangement and convening of meetings, work discipline and supervisory management of committee members and others, to ensure standard, efficient and stable operation of the committees. In terms of member structure, the exposure draft clearly states that the member structure shall mainly comprise full-time members with securities regulation experience, supplemented by part-time employees, so as to strengthen member management and effectively give play to their role in review and guarding the access to the SZSE market.

III. Please give a brief introduction to the arrangements for the release and implementation of theManagement Measures.

A: The solicitation for public opinions on the Management Measures will last five working days. After that, SZSE will revise and refine theManagement Measuresbased on the public opinions received and release it for implementation when appropriate after going through the approval procedures. The progress for building the Listing Committee and the M&A Committee will be released to the public in time.